Marilda Rosado de Sá Ribeiro at Lobo de Rizzo Advogados assesses recent developments in Brazil’s oil and gas industry including changes to the regulatory framework, signs of recovery and expectations for the future.

In an exclusive interview with Who’s Who Legal, Akin Gump’s Shawn Davis discusses recent developments in the UAE energy space including changes in regulation, the growth of the renewables market and the future of the practice area.

Frank Alexander Jr at Dentons Canada provides an in-depth analysis of Association of International Petroleum Negotiators rules surrounding the rates of interest due under breach of contract damages claims in the global petroleum industry.

Analysis: Energy

In this edition of WWL: Energy we recognise almost 900 lawyers from 363 firms across 82 jurisdictions.

The lawyers featured are highlighted for their exceptional work across the sector on matters ranging from transactions and projects through to compliance and disputes proceedings.

Herbert Smith Freehills stands out for its strong offering across Europe and Asia-Pacific while Allen & Overy and Dentons receive multiple listings from their European offices. Meanwhile fellow full-service outfits Norton Rose Fulbright and Bennett Jones illustrate their prominent presence in the North American market and Dentons showcases its excellent practices throughout the EMEA region.

We also pinpoint those who are considered Thought Leaders across Europe, North America, Asia-Pacific, Middle East and Africa, and Latin America.

This year, WWL has extended its research to identify the leading consultants, economists, and expert witnesses working in the energy sector. Through interviews with eminent lawyers and consultants around the globe, we have identified 47 of the leading players in the space.

Although the price of oil has recovered over the past year, following its drop to below $30 a barrel at the beginning of 2016, the renewables market has remained incredibly buoyant and has witnessed significant growth, particularly across Europe. In light of dramatic economic changes, rapid technological developments and evolving political agendas across the globe, both traditional and new players in the energy market have, over the past few years, looked to reassess their portfolios, adapt to the ever-changing nature of the landscape and look forward to what the future of the sector may look like. For the legal market, this has inevitably led to both an increase in and diversification of mandates over the past year.

The analysis of the latest WWL: Energy edition identifies the most highly regarded firms and individuals across our global research, which in total features 910 practitioners from 376 firms in 89 countries.

The energy sector remains a highly interesting and developing area. The oil industry continues its current downturn, with the price of oil just $48.78 per barrel in May 2017, despite a recent deal between OPEC and non-OPEC countries to maintain output curbs until March 2018 in an effort to boost flagging prices. This is causing significant problems for companies operating in the oil industry as the sector endures another year of low prices. Elsewhere however, emerging markets are opening up, with an increasing demand for energy, and specifically cleaner energy, and thus there are also significant opportunities for many companies operating in the energy space. The legal market continues to feel the pressures that are also affecting clients in the industry; yet while oil and gas prices remain low, this doesn’t necessarily mean the demand for legal services is correspondingly reduced.

The analysis of the latest WWL: Energy edition identifies the most highly regarded firms and indiviuals across our global research, which in total features over 800 practitioners from over 300 firms across 87 countries.

The oil industry is currently experiencing its biggest downturn since the 1990s, with the price of a barrel of oil falling to a 13-year low of $26.05 in February. With the price hovering around $45 a barrel, many companies – who have made record profits over recent years – have had to decommission more than two-thirds of their rigs and severely cut investment in exploration and production. Moreover, experts think it may be years before oil returns to $90 or $100 a barrel, which was the norm over the past decade. The renewables market has also been affected and it has similarly seen a slowdown in activity (despite the landmark Paris Agreement from the 2015 UN climate change conference) with cleaner energy sources becoming far more expensive in comparison. Yet despite the pressures the market is facing, the demand for legal services is still strong.

The crash of oil prices in late 2014 has been one of the biggest issues in the energy market of the last year, with all lawyers we spoke to in the oil and gas sector speculating on how long this dip in price will last, and what longer-term effects it might have on the market. Renewable and clean energy sources continue to be a growing area of interest, with traditionally oil and gas-focused jurisdictions diversifying.

In the US shale oil and gas has had a big effect on the country’s energy market landscape, while in the Middle East a move towards renewable energies is being seen in the wake of a drop in export levels. With the sanctions imposed against Russia and Iran also hot topics, this year energy lawyers have had plenty to report on the trends in the market in which they specialise.

Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.